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HB 1470

Income tax, state; deduction for union dues.

2025 Regular Session Introduced by Karen Keys-Gamarra

HB 1470 amends the state's Consumer Credit Code to require clear, standardized loan disclosures (APR, total cost, fees) before closing, boosting borrowers' cost transparency.

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WeVote Research Nonpartisan
Bill Summary · HB 1470

Summary — HB 1470 (Consumer Credit Code; loan disclosure; effective date)

Note: You provided a bill title/metadata (“Consumer Credit Code; loan disclosure; effective date.”, introduced 11/25/2024, referred to Banking, Financial Services and Pensions) but the attached documents are for other unrelated HB 1470s from several jurisdictions. I do not have the specific bill text or detailed provisions for this Consumer Credit Code proposal. Below I (1) explain what information is missing, (2) list the typical components such a bill would contain, and (3) provide a concise template summary you can adapt once you supply the bill text or confirm the state/jurisdiction.

If you want a precise summary, please paste the bill text or tell me the state (or legislature) that introduced this HB 1470.

1) Missing information

  • No bill text or explanatory note for an HB 1470 titled “Consumer Credit Code; loan disclosure; effective date” was included among the documents you provided. The documents attached relate to different HB 1470s (Arkansas IT procurement repeal; Maryland Critical Area/trees; Illinois/ND/IN/Hawaii wildlife, hunting, Medicaid, housing, etc.).
  • To produce a faithful, detailed summary I need the actual bill language (or a reliable digest/summary) and the jurisdiction.

2) What such a bill commonly addresses

Bills titled like this typically amend the state’s Consumer Credit Code to change required lender disclosures for consumer loans. Common features include:
- Expanded mandatory disclosures (e.g., APR, total finance charge, total payment amount, itemized fees, prepayment penalties).
- Standardized disclosure format and timing (e.g., required at application, before closing, or within X days).
- Specific treatment for types of loans (installment loans, payday loans, auto/title loans, open‑end credit, small-dollar loans).
- Requirements about methods of delivery (paper, electronic; language access).
- Civil or administrative remedies for violations (private right of action, statutory damages, injunctive relief, fines).
- Effective date and applicability (loans after a given date; grandfathering).
- Enforcement authority (Attorney General, banking regulator, consumer protection agency).

3) Template summary (to adapt once bill text is available)

  • Title & purpose: HB 1470 would amend the state’s Consumer Credit Code to revise loan disclosure requirements with the stated purpose of increasing transparency about the total cost of consumer credit and improving borrowers’ ability to compare loan offers.

  • Key provisions (examples — confirm with bill text):

    • Require lenders to disclose, in a uniform, easy-to-read format: annual percentage rate (APR), total finance charge, total amount to be paid, itemized upfront fees, any prepayment penalty, and whether rates are variable.
    • Mandate disclosures at least X days before consummation and at application for certain loan types.
    • Define covered loan products (e.g., consumer installment loans, short-term/payday loans, auto-title loans) and exemptions (e.g., commercial loans, certain secured mortgages).
    • Require disclosures in multiple languages where a significant share of applicants speak another language.
    • Establish remedies: civil penalties of $X per violation, statutory damages of $Y (or actual damages), enforcement by the Attorney General or regulator, and a private right of action.
    • Effective date: the act takes effect on and applies to loans originated on or after that date (or other specified timeline).

  • Who is affected:

    • Consumers/borrowers: greater information and likely improved ability to compare loan costs.
    • Lenders and loan brokers: compliance costs (form changes, training, systems updates); potential exposure to enforcement actions and private suits.
    • Regulators: responsibility for rulemaking, oversight and enforcement.

  • Procedural/timeline aspects:

    • Current status: Referred to the Banking, Financial Services and Pensions committee (per your metadata). Typical next steps are committee hearings, possible amendments, committee vote, floor action, other chamber consideration, and gubernatorial action.
    • If the bill includes an effective date or delayed compliance timeline, lenders will have a known window to implement changes.

If you’d like, I can:
- Draft a precise 200–400 word summary once you paste the bill text or a link.
- Produce a compliance checklist for lenders or an impact memo for consumer groups based on the bill’s actual language.
Tell me which you prefer and provide the bill text or jurisdiction.

Compiled from official sources — confirm details with the bill’s official record.

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